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. Last Updated: 07/27/2016

$1.5Bln Lent in Unsecured Auctions

The country's banks borrowed 47.7 billion rubles ($1.52 billion) in the first of the Central Bank's one-year unsecured auctions, according to a statement by the MICEX stock exchange.

The auction was oversubscribed by 3.6 times as banks submitted bids totaling 180 billion rubles, the statement said. The banks borrowed at an average interest rate of 15.02 percent.

The Central Bank may increase the money available at the auctions because of the high demand from banks to replace their more expensive, short-term borrowings with long-term debt, according to a Central Bank official.

The one-year unsecured loans will be offered monthly, the Central Bank official said. The bank will also hold its first repurchase auction of one-year funds next week, when demand is also expected to be high, the official said.

The Central Bank began extending unsecured loans in November to boost banks' liquidity during the crunch in global credit markets.